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Ports Design Limited
(Stock code: 0589)
2012 Annual Results
This document may contain time-sensitive information which is only current as of the date of publication. In addition, this document may also contain “forward looking statements” which are subject to risks and uncertainties. No reliance may be placed on the information contained in this document or on its completeness, accuracy or fairness, nor is any responsibility accepted for any errors, misstatements, or omissions or any direct or consequential loss howsoever arising from any use of, or reliance on, this document or otherwise in connection with it. Please refer to the Company’s latest issued annual or interim report for detailed financials.
Financial Highlights – Financial Performance
For the year ended 31 December 2012 (RMB Mil)
2011 (RMB Mil)
Change
Turnover 2,098.4 1,985.0 5.7%
Gross Profit 1,719.6 1,629.4 5.5%
Gross Profit Margin 81.9% 82.1%
Operating Profit Excluding Government Cash Grant
481.0 480.3
566.4 526.1
-15.1% -8.7%
Profit attributable to equity shareholders of the company
351.1 429.9 -18.3%
Net Profit Margin 16.9% 21.7%
Basic earnings per share (RMB cent) 0.62 0.76 -18.4%
Dividend per share (RMB cent) 0.29 0.49 -40.0%
Special dividend per share (RMB cent) 0.10 0
Dividend payout ratio 60.9% 64.5% -3.6p.p 1
2
Financial Highlights – Financial Performance
For the year ended 31 December 2012 RMB Mil
2011 RMB Mil
Change
Net cash from operating activities 345.1 445.5 -22.5%
Net assets value 1,852.9 1,843.7 0.5%
Net assets per share (RMB) 3.3 3.2 3.2%
Current assets ratio 2.13 1.97
Cash and cash equivalent 1,292.3 1,375.5 -6.0%
Total debt 845.4 702.0 20.4%
Gearing ratio 45.6% 38.1%
Return on equity 19.3% 23.5%
Financial Highlights - Segment Turnover
Retail turnover rose 4.4% in year 2012
Gross profit margin for Others Segment improved substantially due to inclusion of eyewear business
Significant improvement of the Group’s gross profit margin since listing
For the year ended 31 December
Retail Others The Group total
2012 2011 2012 2011 2012 2011
Turnover 1,951.7 1,869.2 146.7 115.8 2,098.4 1,985.0
% of Group Sales 93.0% 94.2% 7.0% 5.8% 100% 100%
Gross Profit Margin 85.9% 86.2% 28.7% 16.4% 81.9% 82.1%
3
Financial Year
Financial Highlights - Segment Turnover
RMB Mil
585 714
852
1,055
1,355 1,489 1,538
1,718
1,985 2,098
4
Financial Year
Note: * The turnover from OEM business was included in “Others Segment”
Financial Highlights - Dividend Analysis
RMB Mil 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Dividend Payout ratio
61.7% 51.9% 61.2% 60.6% 131% 28.0% 87.8% 58.8% 64.5% 60.9%
Dividend payout
31 69 101 154 519 118 412 277 278 139
5
Financial Year Note: The average dividend payout ratio (excluding final dividend proposed year end 2012) since IPO listing was 70.4%, total dividend payment throughout the period since listing was over RMB 2.1 billion
Business Review - Retail Turnover Highlights
Turnover increased by over four times since listing
Retail segment, which carries the higher profit margin, shows a growing significance in the Group’s total turnover (FY2012: 93.0%)
6
Financial Year
Retail turnover
RMB Mil
Business Review - Retail Gross Profit Margin Trend
7
Financial Year
Retail Gross Profit Margin
Gross Profit Margin for the retail segment maintained at a very high level as compared with industry peers
Others Segment Highlights
Turnover from Others Segment* increased significantly as compared with last year due to the conversion of eyewear business from licensing to a joint venture
8
Turnover from Others Segment (RMB Mil)
Note: *OEM business included in Others Segment
Gross Profit Margin of Others Segment
Operating Expenses
9
Breakdown of Operating Expenses
RMB Mil
2012 2011 % Change
RMB mil As % of retail
turnover RMB mil
As % of retail turnover
Distribution Costs 973.4 49.9% 924.9 49.5% 5.3%
Administrative Costs 85.4 4.1% 70.1 3.5% 21.9%
Other Operating Cost 187.8 9.6% 126.6 6.8% 48.4%
Note: *Others include transportation, office sundries and miscellaneous expenses
RMB Mil
2012 2011 % Change
RMB mil As % of retail
turnover RMB mil
As % of retail turnover
Rental Charges 431.1 22.1% 423.0 22.6% 1.9%
Salaries and Benefits 197.0 10.1% 185.4 9.9% 6.3%
Store and Mall Expense 89.0 4.6% 79.2 4.2% 12.4%
Depreciation 91.4 4.7% 75.4 4.0% 21.2%
Advertising and Promotion 86.3 4.4% 73.3 3.9% 17.8%
Others* 78.6 4.0% 88.6 4.7% -11.3%
Breakdown of Distribution Cost
10
PORTS brand recognized by the prestigious Hurun Reports in 2011, 2012 & 2013 as one of the Top 5 international luxury brands aspired to by PRC consumers PORTS was chosen by Vogue China as one of Top 10 collections during the 2012 Milan Women’s Fashion Week (FW12), along with other top-tier international brands
Awards and International Recognition
11
Bérénice Marlohe(“Bond Girl” ) wearing Ports 1961 at the Berlin and South Africa premiere of 'Skyfall' in September 2012
PORTS continues to benefit from acceptance and endorsement from celebrities worldwide
Latest Updates – Media Recognition
12
Alyssa Milano wearing Ports 1961 at the 2013 Golden Globe Awards
Reese Witherspoon wearing Ports 1961 in one of her recent films, “This Means War”
Zoe Ball in Ports 1961 at the 2013 Golden Globe Awards
Latest Updates – Media Recognition
13
Na Ying, wearing Ports 1961 in 'Voice of China'
Tang Wei in Ports 1961 in the movie 北京遇上西雅圖 (2013)
Dong Jie at the Ports 1961 in Milan Fashion Show 2013
Latest Updates – Media Recognition
14
Latest Development – Menswear and Accessories
China Retail Stores
15
Ports 1961 Boutique, the Bund No. 27, Shanghai
Galaxy International Shopping Center, Tianjin
Note: As of Dec 31, 2012 PORTS operates 392 stores in over 60 cities in China
16
The stores on Rue Saint Honore, Paris continue to reinforce and help build up the global image and sales of the brand and the men’s floor of Harrods allow us to showcase our design and merchandise at the most upscale and fashionable locations
Ports worldwide stores
17
Licenced Brand Division
The licenced brand division strives to maintain strong portfolio for the group’s retail business.
BMW lifestyle concept store
Ferrari concept store
Versace concept store
Armani concept store
18
Ports 1961 Ladieswear and Menswear 2013 collection were launched in Milan in September and June 2012 respectively
Latest Updates – Milan Fashion Week
Future Prospects Continue to focus on brand building by enhancing international presence
Continue to provide top quality and services and shopping experience to customers Strive to maintain a strong financial capability in spite of the market condition and identity prospective opportunities in the international fashion area Create and maximize shareholder’s value in long run
19
For further information, please contact:
Investor Relations
+852 2506 0138
Contact Us
Mr. Gabriel Simons
VP, Corporate Development
Ms. Clara Chan
Investor Relations Manager